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 Shares of Samvardhana Motherson International Ltd rose more than 3 per cent after the board of directors as recommended issue of bonus shares.

At 1.40 p.m. on Tuesday, shares of the company were trading at Rs 126.90, up 4.15 or 3.38 per cent from its previous close.

The company has decided to issue bonus shares in the ratio of 1 bonus equity share against 2 existing equity shares, which will be subject to shareholders approval.

The estimated date by which such bonus shares would be credited or dispatched will be within two months from the date of board approval, which is October 15.

After the issue of bonus shares, the company's paid-up equity share capital will rise to Rs 677.64 crore from Rs 451.76 crore.